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SMITH, ADAM: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.
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MARGINAL UTILITY AND DEMAND An explanation of the law of demand and the negatively-sloped demand curve based on utility analysis and the law of diminishing marginal utility. The law of diminishing marginal utility states that marginal utility declines as consumption increases. Because demand price depends on the marginal utility obtained from a good, price also declines as consumption increases, meaning price and quantity demanded are inversely related, which is the law of demand.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either throw pillows for your bed or a package of blank rewritable CDs. Be on the lookout for jovial bank tellers.
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John Maynard Keynes was born the same year Karl Marx died.
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"Love looks through a telescope; envy, through a microscope. " -- Josh Billings, humorist
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ANN REPT
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